2026-01-26 02:49Investment Rating - The report suggests that the general Agent will continue to be a competitive focus for major model manufacturers in 2026, indicating a positive investment outlook for Agent-related applications and ecosystem opportunities [5]. Core Insights - The competition in the general Agent field is intensifying among leading model manufacturers, with new iterations of Agent applications being released by companies like Anthropic, ByteDance, and Alibaba [3][4]. - The transition from ChatBot to Agent as the primary entry point for general model applications is underway, driven by advancements in core capabilities such as coding and Agentic functions [23]. - The report highlights that the next generation of Agent products will likely follow the aggressive path set by Anthropic's Claude Cowork, which integrates user file permissions for more direct interaction [12][13]. Summary by Sections Industry Dynamics - In early 2026, major players like Anthropic, ByteDance, and Alibaba have launched new iterations of general Agent applications, focusing on desktop environments as the new product definition [3]. - Anthropic's Claude Cowork, released on January 12, 2026, is designed as a desktop work Agent for non-programmers, allowing for direct file operations on users' computers [4][8]. Product Developments - Claude Cowork enhances user interaction by allowing direct access to local files, enabling tasks such as reading, writing, and organizing files without manual uploads [9]. - Domestic companies are also iterating their Agent products, with Alibaba's Qianwen and ByteDance's Coze 2.0 updates enhancing their respective ecosystems and productivity platforms [13]. Valuation and Recommendations - The report emphasizes the importance of monitoring the evolution of Agent products and the related application ecosystem, as well as the increasing computational demands associated with these advancements [5][25]. - The anticipated growth in the Agent sector is expected to create significant investment opportunities, particularly in vertical industries with accumulated data and customer bases [25].